Once you have a well-defined question, the next step is to identify the data required to answer it. This involves understanding what data is available, where it is located, and how it can be accessed. For instance, if your question relates to customer retention, you may need data from customer surveys, purchase history, and engagement metrics. Ensure that the data you choose is relevant, high-quality, and up-to-date.
Apply the Right Analytical Methods
Applying the right analytical methods is also essential for deriving meaningful insights from your data. Different questions require different analytical approaches. For example, if you are turkey whatsapp number data looking to understand trends over time, a time series analysis might be appropriate. If you want to quantify the impact of some action that was taken, such as a change to your product, your options may range from ANCOVA to causal impact and beyond. Ensure that the methods you choose are suitable for the type of data you have and the question you are trying to answer.
A Question That Leads to More Questions
Your initial business question could uncover additional questions that delve deeper into underlying issues. After identifying the core problem, such as why are we losing households, dissect it further: Are specific customer groups contributing to this loss? Is this trend unique to certain regions or stores and does the issue lie in losing existing households or in acquiring new ones at a slower rate than anticipated?